Pesobit is a cryptocurrency that is specifically designed to cater for the needs of the Filipino people. It is an efficient and secure way of sending and receiving money to and from abroad. Pesobit’s main purpose, however, expands beyond regular international payment, the cryptocurrency’s main purpose is to offer Filipinos services in remittances, freelancing, e-commerce and marketplace. Pesobit aims at becoming the token that ordinary people use in their daily life. It was deliberately created simple and practical, showing that everyone could benefit from the blockchain technology. Moreover, Pesobit has a low inflation rate of only 5% and is easily convertible to the local fiat currency and other cryptocurrencies. The coin is also accepted as a mode of payment by numerous merchants.

Pesobit was launched just a few months ago on the 15th of August 2016. It started with an initial coin offering or ICO. It is a way for the general public to buy the new token before it is sold on exchanges. In fact, ICO is the cheapest way to get coins using Bitcoin. One of its main benefits is that those who have first acquired Pesobits are able to determine the prices of the coin afterwards when it’s available on trading platforms. The ICO continued from the 15th of August till the 14th of September. In this period 16 million coins were distributed.

Pesobit can be traded on online exchanges such as Cryptopia, Yobit or C-Cex. It has an online wallet that is supported by the three main operating systems – Windows, Mac and Linux. The majority of Pesobit’s users are people from the Philippines but there are also users from the United States, Canada, Germany and many other countries. One of the biggest advantages of Pesobit is that you do not have to be into cryptocurrency or be technically minded in order to make use of it. Bearing in mind some really basic info about the coin, people can easily use it in their everyday lives.

The cryptocurrency features both proof-of-work and proof-of-stake algorithm, however, Pesobit is planned to be mainly PoS with only 10 000 PoW blocks available. That is because the coin is not expected to be mined as much as to be invested in. It can turn out to be a lucrative possibility for both online businesses and consumers. In fact, one of the most useful services that Pesobit provides is Marketplace. It is a place where merchants exchange their products and services for Pesobits. They determine the Philippine Peso price of their product and when customers buy something, the money is automatically converted into Pesobits. Transactions fees are negligible and account for less than one Peso.